Letters to the Hill

ICBA Letter to House Ways & Means Chairman Thomas

May 14, 2004

The Honorable William M. Thomas
Chairman, Committee on Ways and Means
U.S. House of Representatives
Washington, DC 20515

Dear Chairman Thomas:

On behalf of the 5,000 members of the Independent Community Bankers of America we thank you for advancing the American Jobs Creation Act of 2003 (H.R. 2896) which includes important provisions to help our Nation's small businesses. Specifically, as the full House considers this important FSC/ETI measure, we thank you for preserving ICBA-backed Subchapter S tax reforms already in H.R. 2896 to help ease the punitive double tax burden faced by thousands of small businesses and community banks nationwide. We urge that these important S corporation reforms are secured in any final ETI-fix legislation.

ICBA believes the S corporation simplification measures already in H.R. 2896 would improve the viability of small businesses and lenders. It would also foster an essential boost in economic growth since our Nation's small businesses rely heavily on local lending as their principal funding source to start, operate and grow their businesses and create jobs.

ICBA supports your efforts Mr. Chairman and looks forward to assisting you in ensuring the American Jobs Creation Act advances through Congress.